MIRA
INFORM REPORT
|
Report Date : |
29.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
PIRAMAL HEALTHCARE LIMITED (w.e.f. 24.06.2008) |
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|
|
|
Formerly Known
As : |
NICHOLAS PIRAMAL
INDIA LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.04.1947 |
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|
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|
Com. Reg. No.: |
11-005719 |
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Capital Investment
/ Paid-up Capital : |
Rs.418.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110MH1947PLC005719 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN07675D |
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PAN No.: [Permanent Account No.] |
AAACN4538P |
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Legal Form : |
Public Limited
Liability Company. The company’s shares are listed on the stock exchange. |
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Line of Business
: |
Manufacturers of
tablets, capsules, liquids, powders, creams and ointments, granules, bulk drugs
and intermediates, vitamin A in various forms and combinations, soda line and
borosilicate and also glass manufacturers. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 60000000 |
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|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and a reputed pharmaceutical company having good track.
Directors are reported to be experienced and respectable industrialists. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office : |
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Email : |
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Website : |
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Head Office : |
100, Centrepoint,
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Tel. No.: |
91-22-66636666/24134653/24102082 |
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Fax No.: |
91-22-24163787/24172861/24163787/24144687/24902363 |
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E-Mail : |
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Website : |
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Administrative
Office : |
Morarjee Mills Compound,
Administrative Building, |
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Tel. No.: |
91-22-66636666 |
|
Fax No.: |
91-22-66636416 |
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E-Mail : |
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Website : |
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Plant
Locations : |
Tel No.: 91-22-39536666
Overseas: Nicholas
Piramal Pharmaceuticals (
Torcan Chemical
Limited ( |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Ajay G.
Piramal |
|
Designation : |
Chairman |
|
Qualification
: |
B. Sc, M.M.S.,
A.M.P. |
|
Date of
Appointment : |
01.04.1997 |
|
|
|
|
Name : |
Dr. (Mrs.) Swati
A. Piramal |
|
Designation : |
Director-Alliances and Communications and Chief Scientific Officer |
|
Qualification
: |
M.B.B.S, D.I.M., M.P.B. (Harvard) |
|
Date of
Joining : |
01.10.1994 |
|
|
|
|
Name : |
Mr. N Sanathanam |
|
Designation : |
Group President – Finance and Legal and Chief Financial Officer |
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Qualification
: |
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|
Date of
Joining : |
26th December 2001 |
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|
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|
Name : |
Mr. Y. H. Malegam |
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Designation : |
Director |
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|
Name : |
Mr. R. A. Shah |
|
Designation : |
Director |
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|
Name : |
Mr. N. Vaghul |
|
Designation : |
Director |
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|
Name : |
Mr. Deepak
Satwalekar |
|
Designation : |
Director |
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|
Name : |
Mr. S. Ramadorai |
|
Designation : |
Director |
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|
Name : |
Mr. Keki Dadiseth |
|
Designation : |
Director |
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|
|
Name : |
Ms. Nandini Piramal |
|
Designation : |
Executive Director |
MANAGEMENT COMMITTEE
|
Name : |
Mr. Ajay G. Piramal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Gerhard Klement |
|
Designation : |
Director - Pharma Solutions
Piramal Healthcare |
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|
|
|
Name : |
Mr. Rajesh Laddha |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Dr.
(Mrs.) Swati Piramal |
|
Designation : |
Director - Strategic Alliances
and Communications |
|
|
|
|
Name : |
Ms. Nandini Piramal |
|
Designation : |
Executive Director, Piramal
Healthcare Limited |
|
|
|
|
Name : |
Mr. N. Santhanam |
|
Designation : |
Executive Director and Chief Operating
Officer |
|
|
|
|
Name : |
Dr. Sangram Tambe |
|
Designation : |
Director, Group HR |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
100189 |
0.06 |
|
|
86771884 |
51.68 |
|
|
|
|
|
|
|
|
|
|
2643327 |
1.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
541579 |
0.32 |
|
|
102812 |
0.06 |
|
|
8925633 |
5.32 |
|
|
33580076 |
20.00 |
|
|
|
|
|
|
|
|
|
|
11046504 |
6.58 |
|
|
|
|
|
|
|
|
|
|
20419775 |
12.16 |
|
|
3222424 |
1.92 |
|
|
|
|
|
|
|
|
|
|
461406 |
0.27 |
|
|
2084 |
-- |
|
|
97604 |
0.06 |
|
|
747 |
-- |
|
|
|
|
|
Total |
167916044 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
ESOP / ESOSBUSINESS DETAILS
|
Line of Business : |
Manufacturers of tablets,
capsules, liquids, powders, creams and ointments, granules, bulk drugs and
intermediates, vitamin A in various forms and combinations, soda line and
borosilicate and also glass manufacturers. |
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Products : |
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||||||||
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||||||||
|
Brand Names : |
Ř
Anti-Infectives ·
Paraxin
·
Bactrim ·
Genticyn ·
Omnatax Ř
Cardio-
Vasculars ·
Sorbitrate ·
ISMO ·
Enace-D ·
Calaptin ·
Cytogard ·
Bezalip
Ř
Nutritionals
·
Becozym
C Forte ·
Supradyn ·
Redoxon ·
Exerge
Ř
Respiratory
·
Deletes Ř
Others
·
Haemaccel
Ř
Anti-Diabetics ·
Euglucon ·
Semi-Euglucon ·
Glimmer ·
Gluformin ·
Diabetrol Ř
CNS ·
Rivotril
·
Librium
·
Valium
·
Assert
Ř
NASID’s ·
Rejoint ·
Orthobid ·
Micropyrin ·
Multigesic Ř
Biotek
·
Recormon ·
Neupogen ·
Cellecept
|
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Trade |
Kgs |
-- |
-- |
|
Creams and powder |
Ltrs |
-- |
-- |
|
Vials |
Mios |
-- |
-- |
|
Tablets and capsules |
Ltrs |
-- |
-- |
|
Liquids, drops and solutions |
KLs |
-- |
-- |
|
|
|
|
|
|
Manufactured |
|
|
|
|
Tablets |
Mios |
12745.0 |
5542.3 |
|
Capsules |
Mios |
580.0 |
338.6 |
|
Liquids |
KLs |
24041.17 |
12159.7 |
|
Powders, creams and ointments |
MTs |
-- |
60.09 |
|
Bulk drug and intermediates |
MTs |
2135.3 |
1128.4 |
|
Vitamin A in various forms and combinations |
mmu |
276.0 |
260.7 |
Notes:
1. Includes products processed by third parties.
2. Includes production for captive consumption of Bulk Drugs 91850 kgs
(PY 239650 kgs) and Vitamins 138.33 mmu
(PY 80.34 mmu).
3. Stocks are net of breakages and unsaleable stock.
4. Opening stocks, production, purchases and closing stocks are net of physician samples.
5. Licensed Capacity is not indicated as Industrial Licensing for all
Bulk Drugs, Intermediates and their Formulations stands abolished in terms(1994
series) dated 25th October, 1994 issued by the Department of Industrial
Development, Ministry of Industry, Government of India.
6. Excludes free samples issued.
7. Variation in quantity / value is on account of change in product mix.
8. In terms of Press Note No. 4 (1994 Series) dated October 25, 1994
issued by the Department of Industrial Development, Ministry of Industry,
Government of India, and Notification No. S.O 137 (E) dated March 1, 1999
issued by the Department of Industrial Policy and Promotion, Ministry of
Industry, Government of India, industrial licensing has been abolished in
respect of Bulk Drugs and Formulations.
9. The Pharmaceuticals business comprises of Manufacturing and Trading
of Bulk Drugs and Formulations.
10. Installed capacities of the formulation factories of the Company
(except where continuous processes are involved) are on a triple shift basis
are certified by the Management and have not been verified by the Auditors,
this being a technical matter.
GENERAL INFORMATION
|
Bankers : |
·
Allahabad
Bank ·
Deutsche
Bank ·
Corporation
Bank ·
Bank
of ·
Citibank
N.A. ·
HDFC
Bank ·
Standard
Chartered Bank ·
Calyon
Bank ·
Axis
Bank Limited ·
IDBI
Bank ·
State
Bank of ·
ICICI
Bank Limited ·
ING
Vysya Bank Limited ·
The ·
Bank
of ·
BNP
Paribas ·
Credit
Agricole Corporate and Investment Bank ·
Kotak
Mahindra Bank Limited ·
Punjab
National Bank ·
Yes
Bank Limited ·
State
Bank of India ·
Syndicate
Bank ·
ANZ
Grindlays Bank Limited |
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Facilities : |
Note on secured
loans:
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
|
|
|
Solicitors: |
|
|
Name : |
Crawaford Bayely and Company |
|
|
|
|
Controlling Companies: |
Note: * There are no
transaction during the year with the above companies. |
|
|
|
|
|
|
|
Subsidiaries : |
Note: * Held through Piramal Holdings ( # Held through Piramal Healthcare Inc. @ There are no transactions during the year with the above
Companies. |
|
|
|
|
Associates: |
Note: * Held through PHL Fininvest Private Limited. # Held through Piramal Diagnostic Services Private Limited @ There are no transactions during the year with the above Companies |
|
|
|
|
Joint Venture Partner: |
* There are no transactions during the year with the above companies. |
CAPITAL STRUCTURE
As on 30.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.2/- each
|
Rs.500.000 Millions |
|
3000000 |
Preference Shares |
Rs.100/- each |
Rs.300.000 Millions |
|
24000000 |
Preference Shares |
Rs.10/- each |
Rs.240.000 Millions |
|
105000000 |
Unclassified Shares |
Rs.2/- each |
Rs.210.000 Millions |
|
|
Total
|
|
Rs.1250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
209013144 |
Equity Shares of |
Rs.2/- each
|
Rs.418.000 Millions |
Note:
Of The Above:
1.
39085590 (39085590)
Equivalent Equity Shares of Rs.2/- each were allotted as fully paid bonus
shares by capitalization of Share Premium/ General Reserve.
2.
8250000 (8250000) Equivalent
Equity Shares of Rs.2/- each were allotted to erstwhile shareholders of Gujarat
Glass Limited on amalgamation
3.
8867010 (8867010)
Equivalent Equity Shares of Rs.2/- each were allotted to erstwhile shareholders
of Boehringer Mannheim India Limited on amalgamation
4.
5197050 (5197050)
Equivalent Equity Shares of Rs.2/- each were allotted to erstwhile shareholders
of Sumitra Pharmaceuticals and Chemicals Limited as per the scheme of
arrangement.
5.
37525020 (37525020) Equivalent
Equity Shares of Rs.2/- each were allotted to erstwhile shareholders of Piramal
Healthcare Limited (PHL) as per the scheme of arrangement.
6.
The erstwhile Piramal
Healthcare Limited shareholders held 962180 warrants with a right to convert
into 75 Equivalent Equity Shares of the Company for every two warrents held on
payment of Rs.10/- in Cash per Equity Share. Out of this 952644 (952644)
warrents were converted into 37524155 (37524155) shares resulting in the Issued
and Subscribed Capital increasing by Rs.71.400 Millions (Rs.71.400 Millions)
The remaining 9536 warrants were cancelled.
7.
15750000 (15750000)
Equivalent Equity Shares of Rs.2/- each were allotted to the erstwhile
shareholders of Rhone-Poulenc India Limited on its merger with the Company.
8.
The Company’s Right Issue
Offer of 19001601 Equity Shares of Rs.2/- each for Rs.175/- each (including a
Share Premium of Rs.173/- each) for cash aggregating to Rs.3325.300 Millions
(Rs.3325.300 Millions) opened for subscription on August 01, 2005 and closed on
August 30, 2005. The offer was oversubscribed 1.2 times. Pursuant to the same,
18997128 (18997128) Equity Shares of Rs.2/- each fully paid up were allotted on
September 25, 2005 and 11 (Nil) Equity Shares of Rs.2/- each fully paid up were
allotted on July 16, 2007. Allotment of the balance 4462 (4473) Equity Shares
of Rs.2/- each has been kept in abeyance pending receipt of necessary
documentation for establishing title these shares.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
418.000 |
418.000 |
418.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
14588.300 |
11472.200 |
9746.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
15006.300 |
11890.200 |
10164.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4065.300 |
4480.100 |
1511.700 |
|
|
2] Unsecured Loans |
2544.300 |
5288.500 |
3531.200 |
|
|
TOTAL BORROWING |
6609.600 |
9768.600 |
5042.900 |
|
|
DEFERRED TAX LIABILITIES |
1304.800 |
1180.200 |
862.400 |
|
|
|
|
|
|
|
|
TOTAL |
22920.700 |
22839.000 |
16070.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10738.900 |
10187.200 |
8082.300 |
|
|
Capital work-in-progress |
505.600 |
463.300 |
478.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
1926.500 |
1299.800 |
1282.600 |
|
|
DEFERREX TAX ASSETS |
256.300 |
210.500 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2854.700
|
2880.000 |
2524.900
|
|
|
Sundry Debtors |
2730.700
|
3618.800 |
3021.400
|
|
|
Cash & Bank Balances |
156.400
|
174.700 |
340.700
|
|
|
Other Current Assets |
72.700
|
77.400 |
77.900
|
|
|
Loans & Advances |
8830.300
|
8371.400 |
4258.500
|
|
Total
Current Assets |
14644.800
|
15122.300 |
10223.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2818.300
|
2574.600 |
|
|
|
Other Current Liabilities |
794.900
|
697.200 |
2807.000
|
|
|
Provisions |
1538.200
|
1172.300 |
1189.500
|
|
Total
Current Liabilities |
5151.400
|
4444.100 |
3996.500
|
|
|
Net Current Assets |
9493.400
|
10678.200 |
6226.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22920.700 |
22839.000 |
16070.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
26509.400 |
23162.600 |
19121.300 |
|
|
|
Other Income |
269.200 |
284.400 |
259.400 |
|
|
|
TOTAL (A) |
26778.600 |
23447.000 |
19380.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material |
11244.700 |
9551.400 |
7805.300 |
|
|
|
Staff cost |
2989.300 |
2515.500 |
2359.900 |
|
|
|
Research and development expenses |
361.900 |
411.600 |
275.900 |
|
|
|
Other expenses |
6347.700 |
6755.500 |
4710.300 |
|
|
|
Exception items |
3.600 |
0.000 |
0.000 |
|
|
|
Increase/decrease in WIP/ finished goods |
(218.400) |
(149.900) |
23.900 |
|
|
|
TOTAL (B) |
20728.800 |
19084.100 |
15175.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6049.800 |
4362.900 |
4205.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
355.000 |
379.000 |
173.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5694.800 |
3983.900 |
4032.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
922.200 |
838.100 |
704.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4772.600 |
3145.800 |
3327.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
340.400 |
392.600 |
312.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4432.200 |
2753.200 |
3014.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3208.600 |
3208.600 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend on equity shares |
1128.600 |
877.900 |
NA |
|
|
|
Distribution tax thereon |
187.500 |
149.200 |
NA |
|
|
|
Transfer to general reserve |
1393.300 |
1401.100 |
NA |
|
|
|
Transfer to debenture redemption reserve |
325.000 |
325.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
4606.400 |
3208.600 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3679.700 |
5684.100 |
4536.400 |
|
|
|
Research Income |
6.600 |
30.100 |
34.000 |
|
|
|
Other Earnings |
139.900 |
63.600 |
86.000 |
|
|
TOTAL EARNINGS |
3826.200 |
5777.800 |
4656.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1251.700 |
2230.500 |
1896.300 |
|
|
|
Capital Goods |
92.900 |
138.900 |
160.600 |
|
|
|
Traded goods/ Reagents |
319.900 |
234.600 |
303.500 |
|
|
TOTAL IMPORTS |
1664.500 |
2604.000 |
2360.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.20 |
13.20 |
14.30 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
3rd
Quarter |
|
Sales Turnover |
5703.600 |
5400.400 |
2098.000 |
2901.600 |
|
Total Expenditure |
4796.900 |
5498.700 |
2450.800 |
3038.200 |
|
PBIDT (Excl
OI) |
906.700 |
(98.300) |
(352.800) |
(136.600) |
|
Other Income |
39.300 |
203.000 |
1657.900 |
2250.500 |
|
Operating
Profit |
946.000 |
104.700 |
1305.100 |
2113.900 |
|
Interest |
16.100 |
(135.600) |
109.800 |
130.200 |
|
Exceptional
Items |
0.000 |
162099.000 |
0.000 |
0.000 |
|
PBDT |
929.900 |
162399.300 |
1195.300 |
1983.700 |
|
Depreciation |
254.000 |
230.000 |
144.100 |
148.000 |
|
Profit
Before Tax |
675.900 |
162109.300 |
1051.200 |
1835.700 |
|
Tax |
6.800 |
36409.500 |
131.000 |
155.700 |
|
Reported PAT |
669.100 |
126699.800 |
920.200 |
1680.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
669.100 |
126699.800 |
920.200 |
1680.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
16.55
|
11.74 |
15.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.00
|
13.58 |
17.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.80
|
12.43 |
18.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.26 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78
|
0.37 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.84
|
3.40 |
2.56 |
LOCAL AGENCY FURTHER INFORMATION
History
Subject was incorporated in 1947 as Indian Schering as
subsidiary of British
Subject is a major player in formulations, diagnostics and vitamins in the
Indian pharma industry, besides having good export presence. The company is
strong in marketing and has many alliances with MNCs to sell their products. It
is now also giving more emphasis on R and D. Hence, one can expect sustained
healthy growth in the medium-to-long term.
The company has a portfolio of around 160 brands. Recently, it purchased two
brands from Hoechst - Omnatax (cefataxim) and Zidime (ceftazidime). Allergan
India Limited is 51:49 joint venture company between Allergan Inc.,
The subsidiaries of subject are Nicholas Piramal Laboratories and Diagnostics Private Limited,
Nicholas Piramal - Dr. Phadke Pathology Laboratory and Infertility Center
Private Limited, Nicholas Piramal -Dr. Golwilkar Laboratories Private Limited,
Nicholas Piramal Fininvest Private
Limited, Nicholas Piramal Pharma Inc.,
Piramal International and Nicholas Piramal
Life Science Limited.
Subject had earlier acquired Nicholas Laboratories in 1988,
Roche Products in 1993, Boehringer Manheim in 1996 and an R and D unit of
Hoechst Marion Rousell in 1998. It has also formed strategic alliances and
joint ventures, viz. Scholl Piramal in 1994, Alergan in 1995, Sarabhai Piramal
in 1997, Reckitt Piramal in 1998, Solumiks Pirmal in 1998, Boots Piramal in
1999 and Charak Piramal in 1999.
During 2000-2001, the company through its wholly owned subsidiary, Nicholas
Piramal Fininvest acquired 40% equity
stake in Rhone Poulenc
In an EGM held on 14.06.2001, the shareholders have approved the scheme of
arrangement for the merger of Rhone Poulenc, Super Pharma - a distributor
company acquired in April 2001 and certain assets and liabilities of Nicholas
Piramal Fininvest with the company. The
company has acquired Pharmaceutical Business of ICI India for a consideration
of Rs.700.000 Millions including for acquiring the net current assets.
By a scheme of arrangement between the company and Kojam Finvest Limited (KFL)
the company has transferred the investment held by the company in its
subsidiary Gujarat Glass Private Limited to KFL. Subject has transferred its
investments in Gujarat Glass Private Limited and its subsidiaries w.e.f.
01.07.2004 into a new holding company Kojam Fininvest Limited (Kojam). The
shares of Kojam were allotted free-of-cost to shareholders of subject in
proportion to their ownership of subject and the allotment ratio was 1:4.
The year 2003 was significant for subject since in that year Global Bulk Drugs
and Fine Chemicals Limited (GBDFC) was amalgamated with the company. GBDFC
manufactures APIs, Intermediates and Formulations for the regulated markets and
also its plant near
In January 2005 the company sub-divided its equity share face value from
Rs.10/- per share to Rs.2/- per share. Further in July 2005 the company came
out with a rights issue of equity shares for its shareholders in the ratio of
1:10. During 2004-05 the company has acquired the Inhalation Anaesthetics
Business of Rhodia Organique fine Limited w.e.f. 11.01.2005 for a consideration
of Rs.579.800 million. Further the company has discontinued Roche Diagnostics's
distribution for a consideration of $22 Million. The company has also continued
focus to reduce domestic low-value Vitamin A, API and Generic Sales.
In 2006, The Company has increased its installed Capacities Liguids 14613.2 KLs
to 14744 KLs, Bulk Drugs and Intermediates 733 MT to 920 MT and Vitamin A in
Various Forms and Combinations 77.7 MMU to 92.00 MMU.
The company has acquired Avecia Pharmaceuticals,
OPERATIONS REVIEW:
Total operating income for the
year grew by 14.3% to Rs. 26.7 billion compared to Rs. 23.3 billion for
the year ended 31st March 2009.
Operating Profit (OPBIDTA) grew by 39.7% to Rs. 5.9 billion. Profit
after Tax was higher
at Rs. 4.4 billion against Rs.
2.8 billion for the previous year registering growth
of 61.0%. Earnings per share for the
year were also higher at Rs. 21.2 per share as against
Rs. 13.2 in FY2009.
A detailed discussion of operations for the year ended 31st March 2010
is given in the Management Discussion and Analysis section.
SUBSIDIARY
COMPANIES:
Piramal Diagnostic
Services Private Limited (PDSL):
During the year they focused on consolidation of
business which was built inorganically over the past several years. The focus for
the year was on improving
processes and systems. Total
Operating Income of the business grew by 22.2% from Rs. 1.7 billion
in FY2009 to Rs. 2.1 billion in FY2010.
Operating Profit for the year was up by 21.9% to Rs.
377.4 million from Rs.309.6
million in FY2009. Piramal Diagnostic has 94 laboratories cross 58 locations in
Piramal Healthcare
UK Limited:
In FY2009, they closed down one of our facilities in
Piramal Healthcare
(
Our subsidiary at
million as compared to Rs. 119.9
million in FY2009. Similarly, Net Profit for
the year was Rs. 27.5 million as compared to Rs. 47.6
million for FY2009.
Piramal Critical
Care Inc.:
Since their acquisition of Minrad Inc., operations at
Minrad have been completely integrated.
They have increased the
production at Bethleham facility with significant reduction
in cost. Sevoflurane market share grew
from 4.7% to 17.8% in volume terms in
The Central Government has
granted exemption under section 212(8)
of the Companies Act 1956, from
attaching to the Balance Sheet of the Company, the Accounts and other documents
of its subsidiaries. However, the Consolidated Financial Statements of the
Company, which include the results of the
said subsidiaries, are included in this Annual Report. Further,
a statement containing the
particulars prescribed under the terms of the said exemption for each
of the Company's subsidiaries is also enclosed. Copies
of the audited annual accounts of
the Company's subsidiaries can also be sought by any investor of the Company or
its subsidiaries on making a written request to
the Company Secretary at the registered office of the Company in
this regard. The Annual Accounts of the subsidiary companies are
also available for inspection
for any investor
at the Company's
and/or concerned
subsidiaries' registered office and are also available on the
Company's website i.e. www.piramalhealthcare.com
JOINT VENTURES:
Allergan India
Private Limited (AIL')
AIL is a
51:49 Joint Venture between
Allergan Inc.,
INDUSTRY OUTLOOK:
The domestic pharmaceutical industry continued to
witness strong growth momentum. Led by
strong penetration into tier II/III cities,
increased number of new product
launches and increase in field-force
strength, the market grew
by a robust
17.7% (ORG IMS
MAT March 2010).
Indian Pharmaceutical
market has become
increasingly attractive for
large multinational
pharmaceutical companies as they aggressively pursue growth opportunities in the emerging markets.
The demand in the pharmaceutical
outsourcing market continued to be soft.
Due to
reduction in inventory level across
many large multinational pharmaceutical companies, the
industry struggled to grow for most parts
of FY2010. However, towards the
end of the year, one could see a
definite recovery in the business
environment. The inventory de-stocking
phenomena is coming to an end.
The underlying rationale for outsourcing is now
more relevant than ever
before, hence over a medium term
they see attractive growth opportunities in this
business.
Fixed Assets:
Intangible assets
·
Brand / Know- How/ Intellectual Property Rights
·
Computer software
Tangible assets
·
Land leasehold
·
Land freehold
·
Building
·
Plant and machinery
·
Furniture and fixtures and office equipments
·
Motor vehicle / transport
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2010
|
Particulars |
Year
to dates Figures for Current year ended |
|
31.06.2010 (Unaudited) |
|
|
Net Sales/ Income from operations |
5703.600 |
|
Expenditures |
|
|
Increase/ Decrease in stock in trade and work-in –progress |
[509.200] |
|
Consumption of Raw Materials |
1271.200 |
|
Purchase of Traded Goods |
1595.800 |
|
Employees Cost |
906.300 |
|
R and D Expenses |
99.600 |
|
Depreciation |
254.000 |
|
Foreign Exchange (Gain )/ Loss (Net) |
[39.200] |
|
Other Expenditure |
1433.200 |
|
Total
Expenditure |
5011.700 |
|
Profit form operations before Interest and Exceptional Item |
691.900 |
|
Other Income |
0.100 |
|
Profit Before Interest and Exceptional Item |
692.000 |
|
Interest (Net) |
16.100 |
|
Profit After Interest but before Exceptional Item |
675.900 |
|
Exceptional Item |
-- |
|
Profit Before Tax |
675.900 |
|
Tax Expenses |
6.800 |
|
Net Profit from ordinary Activities after tax |
669.100 |
|
Extraordinary Items (Net of tax expenses) |
-- |
|
Net Profit for the period |
669.100 |
|
Paid-up Equity Share Capital (Face Value Rs. 2/- each) |
418.000 |
|
Paid-up Debt Capital |
-- |
|
Reserve (Excluding Revaluation Reserve) |
-- |
|
Debentures Redemption Reserve |
-- |
|
Earning per share (EPS) |
|
|
a) Basic and Diluted EPS before extraordinary items fro the period. |
3.2 |
|
b) Basic and Diluted EPS after extraordinary items for the period |
3.2 |
|
c) Basic and diluted EPS before exceptional items (net of tax) for the
period (Rs.) |
3.2 |
|
|
|
|
Public Shareholding |
|
|
- Number of Shares |
100108295 |
|
- Percentage of Shareholding |
47.90% |
|
|
|
|
Promoters and promoter group shareholding |
|
|
a) Pledged/ Encumbered |
|
|
- Number of Shares |
8420000 |
|
- Percentage of Shares (% to total shareholding of promoters and
promoter group) |
7.73% |
|
- Percentage of Share ( % to the total share capital of the company) |
4.03% |
|
b) Non Encumbered |
|
|
- Number of Shares |
100484848 |
|
- Percentage of Shares (% to total shareholding of promoters and
promoter group) |
92.27% |
|
- Percentage of Share ( % to the total share capital of the company) |
48.07% |
Notes:
1. The standalone unaudited financial results for the quarter ended June
30, 2010 have been reviewed by the Audit Committee and approved by the Board at
its meeting held on August 10, 2010. These results have been subjected to a
limited review by the statutory auditors.
2. The only individual reportable business segment is pharmaceutical
business.
3. The company has entered into Business Transfer Agreement (BTA) with
Abbott Healthcare Private Limited (Abbott) dated May 21, 2010 for sale of its
Branded domestic formulation business including Mass Market branded formulation
to Abbott on slump sale basis for total cash consideration of USD 3.72 billion
(Rs. 171570.000 Millions). The transaction has been approved by the Board of
Directors in its meeting held on May 21, 2010 and by the shareholder on June
25, 2010. The transaction is expected to be concluded in the second half of the
year.
4. The company has agreed to sell its share holding (97.5%) in Piramal
Dignostic Services Private Limited to Super Religare Laboratories Limited for a
consideration of Rs. 6000.000 Millions. The Transaction was approved by the
duly authorized Committee of Directors on July 13, 2010 and is expected to be
concluded in the second quarter.
5. Status of shareholder complaints received during the quarter ended
June 30, 2010.
Complaints as at April 01, 2010 – 12
Complaints received during the quarter ended Jun 30, 2010 – 11
Complaints disposed off during the quarter ended Jun 30, 2010 – 21
Complaints pending as on June 30,
2010 – 2
6. The figures for the quarter ended June 30, 2009 and year ended March
31, 2010 have been regrouped, wherever necessary.
AS
PER WEBSITE
Profile
Subject
is one of
With
growth fuelled through a strategy of partnerships, quality acquisitions, brand
building, focused selling and manufacturing the Company consolidated net sales
turnover was US$ 313 million (INR 14.1 billion) in 2005-06 (April to
March)".
The
Company has emerged among the leaders in Indian pharma with a unique mix of
inorganic and organic growth fuelled through a strategy of acquisitions, brand
building and focused selling, and manufacturing. The company has one of the
widest product portfolios in
The company was formed when the Piramal Group acquired Nicholas Laboratories, a
small formulations company in 1988 from Sara Lee. It has followed a
multi-pronged strategy to integrate and maximize synergies with the planned
acquisitions and develop and consolidate its major strength in marketing to
therapeutic niches.
Managed by a team of highly proficient industry professionals, the Company 's
key strengths come from its strong brand building, selling and distribution,
manufacturing and alliance/partnership management skills. The last, especially,
are quite unique in the Indian context - few Indian Pharmaceutical have
exhibited such a strong and consistent record in successfully and ethically
managing JVs/Alliances and Partnerships as NPIL has.
Its policy of respecting IPR and managing partnerships, in keeping with both
the letter and the spirit of written agreements, has been widely respected and
commended by its partners.
The Company is the flagship company of the Rs.25000 Millions (US $ 550 million)
Piramal Enterprises (PEL), one of
OVERVIEW
Subject a Piramal Group company, is a
globally integrated healthcare company that fulfills unmet medical needs across
the world. It has a growth track record of above 29% CAGR since 1988. Piramal
Healthcare had consolidated revenues of US$ 656 million in FY2009. PHL is
currently ranked 4th in the Indian market with a diverse product portfolio
spanning several therapeutic areas. It is also one of the largest custom
manufacturing companies with a global footprint of assets across North America,
Europe and
At Piramal Healthcare, their core values of Knowledge, Action and Care
propel them to improve the quality of lives by democratizing healthcare. They
aim to attain leadership in market share, innovation and profits by:
Partnering the medical fraternity
Building strong capabilities to deliver
product and process innovations
Attracting and developing the best in class
talent
They believe they can create value only if they
care for the ones they serve, that their care will have an impact only if it is
followed by timely and bold action, and that they will take timely action if it
is backed by knowledge.
AWARDS
AND ACHIEVEMENTS
With progress, they have come to realize that
appreciation and awards encourage them to better their performance each time.
Given below is a list of some of the key accolades that have been conferred
upon us:
Piramal
Healthcare listed in the:
- S and P Global Challengers’ List of
2006
- Forbes ‘Best Under A Billion’ List of
2003 and 2004
- Forbes 2005 List of ‘Best Small Asian
Companies’
Piramal Healthcare grew from rank 48 to
amongst the top 5 pharmaceutical companies in
Piramal Healthcare was the only
pharmaceutical company to have a representation on the Scientific Advisory
Committee to the Prime Minister of India.
Mr. Ajay Piramal, Chairman, was awarded the
‘Ernst and Young Entrepreneur of the Year’ Award in 2003 and ‘Entrepreneur of
the Year Award’ by UK Trade and Investment in 2006 and CEO of the Year by World
Strategy Forum in 1999. He is the only Indian member of the Governors' Forum on
Healthcare in the World Economic Forum. The World Economic Forum in 1996 also
selected him as the “Global Leader of Tomorrow”.
In addition, Mr. Piramal has also held several positions of eminence in Indian
industry including the Prime Minister’s Council for Trade and Industry.
Dr. Swati Piramal,
Director – Strategic Alliances and Communications is also the recipient of several noteworthy titles and awards. Some of
them are highlighted below:
- Dr. Swati Piramal was conferred upon
with Chevalier de l'Ordre National du Mérite (Knight of the Order of
Merit) in 2006, one of the highest civilian honors bestowed by the French
government.
- Awarded the BMA Management Woman
Achiever of the Year Award (2004-05).
- Nominated one of the 25 most powerful
women in
- Recipient of the “Lakshmipat Singhania
- IIM, Lucknow National Leadership Award” in the category of Young Leader
in the field of Science and Technology for the year.
- Received the Chemtech Pharma Award for
Outstanding Contributions in pharma and biotech Industries.
- In 2007, received the Rajiv Gandhi Award
for Outstanding Woman Achiever.
- She also holds the distinction of being
the first ever woman to be elected as President of ASSOCHAM in 87 years.
The awards are welcome but if there is one
thing that truly inspires every member of Piramal Healthcare … it’s a vision to
become the leading globally integrated healthcare company.
Press ReleaseS
Piramal Healthcare
reports Q1FY2011 results; Consolidated Revenues for the quarter up by 2.5% to `
8.4 billion, Operating Profit was lower by 13.9% at ` 1.4 billion, Net Profit
was lower by .1% to ` 807 million
Mumbai, 10 August 2010: Piramal Healthcare Limited (NSE: PIRHEALTH, BSE:
500302) today reported first quarter (Q1) results for FY2011.
Total Operating Income on consolidated basis for the quarter ended 30
June 2010 was up by 2.5% to ` 8.4 billion over Q1 FY2010. Operating Profit was
` 1.4 billion as compared to ` 1.6 billion, as a result Operating Profit Margin
for the quarter was lower at 16.4% compared to 19.5% during the same period in
the last year.
Net Profit was lower by 5.1% to ` 807.4 million in Q1 FY2011. Earnings
Per Share (EPS) for the quarter was marginally lower at ` 3.9 as compared to `
4.1 in Q1 FY2010.
In May 2010 Piramal Healthcare entered into a definitive agreement to sell
its Healthcare Solutions (domestic formulation) business to Abbott for a
consideration of US $ 3.72 billion. During the quarter, Healthcare Solutions
division grew by 4.9% as compared to industry growth of 19.6% (Source: ORG IMS
JUN MAT 2010) with revenues of ` 4.6 billion.
Pharma Solutions (Custom Manufacturing) business recorded sales of ` 1.7
billion during Q1FY2011 as compared to ` 2.1 billion in Q1FY2010. The revenues
from Indian facilities were at ` 660.0 million as compared to ` 807.4 million in
Q1 FY2010.
We continue to build our Critical Care business. Revenues from this
business have grown by 48.5% to ` 1.1 billion during the quarter against `
728.8 million in Q1FY2010. Minrad has registered a strong growth of 105.2% with
sales of US $ 19.7 million for the quarter against US $ 9.6 million in
Q1FY2010.
In July 2010, the Company has entered into a definitive agreement with
Super Religare Laboratories to sell Piramal Diagnostic Private Limited for a
consideration of ` 6 billion. For the quarter, this business recorded sales of
` 536 million, registering a growth of 10.6%.
Commenting on the results, Mr. Ajay Piramal, Chairman, Piramal
Healthcare Limited said, “The performance of the healthcare solutions business
for the quarter was impacted due to uncertainty related to the sale of
healthcare solutions business and the transition cost associated with the deal.
The performance is now improving and will soon return to its earlier growth
trajectory.
Going forward, we expect to see better performance in the remaining set
of businesses as well. Second half of the financial year will be much better
than the first half due to commencement of revenues from new contracts from our
Indian facilities in the Pharma Solutions business and continued momentum in
the Critical Care business.”
About the Piramal
Group
The Piramal Group,
led by Ajay G. Piramal is one of
About Piramal
Healthcare Limited
Piramal Healthcare
is one of
Piramal Healthcare
Limited to acquire assets of BioSyntech, a biotechnology company developing
novel products in regenerative medicine
June 22, 2010
Mumbai, June 22,
2010: Piramal Healthcare Limited [NSE: PIRHEALTH, BSE: 500302] (“Piramal”),
one of
BioSyntech is a medical device Company specializing in the development,
manufacturing and commercialization of advanced biotherapeutic thermogels for
regenerative medicine (tissue repair) and therapeutic delivery. BioSyntech’s
platform technology is a family of hydrogels called BST-Gel®, some of which are
liquid at low temperature and solid at human body temperature. These gels can
be injected or applied to a specific local site and offer beneficial properties
for the local repair of damaged tissue such as cartilage, bone and chronic
wounds and provide the benefit of avoiding invasive surgery. The Company’s
lead, late-stage product, BST-CarGel® is currently undergoing an international
pivotal trial.
Piramal had subscribed to common shares of BioSyntech in FY2006 which then
constituted 17% of equity of BioSyntech. By virtue of this investment, Piramal
had exclusive marketing rights for the marketing, sales and distribution of
current and future products of BioSyntech, for
BioSyntech has been unable to raise further capital to fund its ongoing
operations and to repay maturing debt. As a result, BioSyntech sought court
protection under insolvency proceedings. Taking into consideration PHL’s
interests in the projects of BioSyntech, PHL made a binding offer and the
Superior Court of Quebec (
Commenting on the transaction, Mr. Ajay Piramal, Chairman, Piramal Group said –
“BST-Car Gel is a one stage application that can be performed arthroscopically
and is the only potential substitute available for knee replacement surgery.
This treatment also promises to be significantly less expensive than current
alternatives.”
About the Piramal Group
The Piramal Group, led by Ajay G. Piramal is one of
About Piramal Healthcare Limited
Piramal Healthcare is one of
About Biosynthetic
BioSyntech is a medical device Company specialized in the development,
manufacturing and commercialization of advanced biotherapeutic thermogels for
regenerative medicine (tissue repair) and therapeutic delivery. BioSyntech’s
platform technology is a family of hydrogels called BST-Gel®, some of which are
liquid at low temperature and solid at human body temperature. These gels can
be injected or applied to a specific local site and offer beneficial properties
for the local repair of damaged tissue such as cartilage, bone and chronic
wounds and provide the benefit of avoiding invasive surgery. The Company’s
lead, late-stage product, BST-CarGel® is currently undergoing an international
pivotal trial.
Piramal Healthcare
reports FY2010 results;
Consolidated
Revenues for the year up by 11.9% to Rs.36.7 billion,
Operating Profit
up by 27.5% to Rs.7.4 billion, Net Profit up by 52.4% to Rs.4.8 billion
Board of Directors
has recommended a dividend of Rs.5.4 per equity share of Rs.2 (i.e. 270%)
Mumbai, 7 May
2010: Piramal Healthcare Limited (NSE: PIRHEALTH, BSE: 500302) today reported
fourth quarter (Q4) and full year results for FY2010.
Total Operating Income on a consolidated basis for the year ended 31
March 2010 was up by 11.9% to Rs.36.7 billion over FY2009. Operating Profit increased
by 27.5% to Rs. 7.4 billion, Operating Profit Margin for the year was higher at
20.2% against 17.7% in FY2009 and Net Profit was up by 52.4% over FY2009 to Rs.
4.8 billion. Earnings Per Share (EPS) was higher at Rs. 23.1 against Rs. 15.1
for FY2009.
The Board of Directors has recommended a dividend of Rs. 5.4 per equity
share of Rs. 2 (270%) for FY2010. as compared to Rs. 4.2 per share (210%) for
FY2009.
During the year, Healthcare Solutions (Domestic Formulations) division
reported strong growth of 24.6%, with sales of Rs. 20.0 billion. Piramal
Healthcare has shown impressive growth in Anti-infective, Dermatology,
Nutritionals and OTC segment. The Company has been ranked no. 3 in the Indian
Pharmaceutical market for Q4FY10 (Period – January to March 2010, Source: ORG
IMS). During the year, Piramal Healthcare launched 32 new products and has been
ranked no. 1 in the Indian Pharmaceutical Industry in terms of sales from new
products.
During the year, Piramal Healthcare’s OTC business crossed Rs.1 billion.
It’s skin care brand in OTC segment - Lacto Calamine has been included in the
2010 REBRAND™ 100 Notable Winners List. Piramal Healthcare also strengthened
the OTC portfolio by acquiring
The Company’s Pharma Solutions (Custom Manufacturing) business recorded
sales of Rs. 8.8 billion during FY2010 as compared to Rs. 10.6 billion during
FY2009 as result of closure of its manufacturing facility at
The Critical Care business continued it’s strong growth trajectory. The
revenues from Piramal Critical Care business were Rs. 3.3 billion during the year
against Rs. 1.3 billion in FY2009. The integration of Minrad acquisition has
been completed. Production at Bethleham facility has tripled in FY2010. Piramal
Healthcare has made significant inroads in Latin America, South East Asia and
Quarterly
Performance:
Total Operating Income on consolidated basis for the quarter ended 31
March 2010 was up by 10.7% to Rs. 9.4 billion over Q4 FY2009. Operating Profit
increased by 13.2% to Rs. 2.2 billion, Operating Profit Margin for the quarter
was higher at 23.5% against 23.0% in Q4 FY2009 and Net Profit was up by 34.3%
to Rs. 1.5 billion against Rs. 1.1 billion in Q4 FY2009. Earnings Per Share
(EPS) for the quarter was higher at Rs. 7.4 against Rs. 5.5 in Q4 FY2009.
During the quarter, Healthcare Solutions (Domestic Formulations)
division grew by 36.6% as compared to industry growth of 17.7% (Source: ORG IMS
March MAT 2010) with revenues of Rs. 5.4 billion. Revenues from Pharma
Solutions (Custom Manufacturing) business was lower at approximately Rs. 2.2
billion during Q4 FY2010. The revenues from Indian facilities were lower at Rs.
817.6 million against Rs. 1.6 billion in Q4 FY2009. Revenues from Critical Care
business were up by 56.9% to Rs. 884.1 million during the quarter as compared
to Rs. 563.4 million in Q4 FY2009.
About the Piramal
Group
The Piramal Group, led by Ajay G. Piramal is one of
About Piramal
Healthcare Limited
Piramal Healthcare Limited, a Piramal Group company, is one of
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.05 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.64.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
76 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.